Manufacturing facility energy storage system
now operating on Stem’s Athena® software
Project part of joint venture with Copec
Stem, Inc. (“Stem” or “the Company”) (NYSE: STEM), a global
leader in artificial intelligence (AI)-driven energy storage
services, and Copec, one of the largest energy companies in Central
and South America, today announced the development of South
America’s first virtual power plant (VPP) as well as the completion
of their first smart energy storage system in Chile. The companies
will be working together with Chilquinta Energía S.A.
(“Chilquinta”), a local energy supply service company.
In July 2020, Stem and Copec announced a partnership to bring
Stem’s intelligent storage solutions to South America, marking the
Company’s entrance into this region. The partnership recently
completed its first project, a smart energy storage solution for a
lubricant manufacturing plant owned by Copec in the Valparaíso
Region of Chile.
In addition, Stem and Copec have partnered with Chilquinta to
establish the first VPP, a network of decentralized
behind-the-meter (BTM) power generating sites, in all of South
America. For this project, Stem’s Athena® smart energy
storage software has been customized to integrate utility and grid
market data points that optimize energy storage assets in the
Chilean market. This partnership also involves future collaboration
to bring smart energy storage alongside mutual business activities
in electric vehicle charging infrastructures and solar project
developments.
Stem’s Athena allows this network of commercial and industrial
(C&I) customer sites to deliver both resilience and backup
power solutions by automatically aggregating and responding to
spikes in electricity use and drawing on stored power to reduce
electricity costs for customers. Athena also ensures continuous
power and consistent operations to serve the utility’s real-time
needs, demonstrating the ability to dispatch all the sites when
power is needed on the grid. Stem combines this electricity usage
and deployment information with data from renewable generation
forecasting and monitoring so the utility can effortlessly call
upon the stored electricity for added stability during peak demand
times. Athena is continuously collecting electricity usage data,
creating a virtuous cycle of learning and deep insights to better
inform its AI-driven algorithm.
“The energy storage market in South America represents a
significant growth opportunity for Stem and our partner Copec,”
said John Carrington, Chief Executive Officer at Stem. “We are
proud to have completed our first project under this partnership –
positioning Copec as a smart grid participant while driving energy
cost reduction and enhancing the sustainability profile of their
manufacturing facilities. At the same time, our VPP is set to
demonstrate tremendous value to utilities in South America that can
leverage distributed energy storage systems to stabilize the grid,
similar to what Stem’s Athena® smart energy storage software
is doing in other regions today. I am excited about our future in
South America and the benefits we will bring to businesses,
utilities, and energy customers.”
“Copec is focused on driving innovation and sustainability
across the energy and mobility segments,” added Mauricio de la
Torre, New Energies Leader at Copec. “Through our partnership with
Stem, we have begun to demonstrate the investment returns of smart
energy storage and the tremendous potential for Copec to help Chile
meet its ambitious climate goals.”
Chile is among the most favorable markets for solar energy with
one of the highest solar irradiances and potential for solar
generation in the world. Chile has announced in recent years that
it will not build new coal-fired power plants and will align with
the National Energy Policy 2050, an ambitious set of climate change
and renewable energy efficiency goals, for which Chile targets 70%
renewable energy electricity by 2030 and carbon neutrality by 2050.
After hosting the UN Climate Change Conference in 2019, the country
leads South America in sustainability strategies. Chile is
projected to have a combined opportunity for energy storage nearing
1 GWh over the next decade, based on market estimates from Copec
and its subsidiary, Terpel.
About Stem, Inc.
Stem, Inc. (NYSE: STEM) provides solutions that address the
challenges of today’s dynamic energy market. By combining advanced
energy storage solutions with Athena®, a world-class AI-powered
analytics platform, Stem enables customers and partners to optimize
energy use by automatically switching between battery power, onsite
generation and grid power. Stem’s solutions help enterprise
customers benefit from a clean, adaptive energy infrastructure and
achieve a wide variety of goals, including expense reduction,
resilience, sustainability, environmental and corporate
responsibility and innovation. Stem also offers full support for
solar partners interested in adding storage to standalone,
community or commercial solar projects – both behind and in front
of the meter. For more information, visit www.stem.com.
About Copec
Copec is one of the leading energy companies in Central and
South America. It was founded in Chile in 1934 and today is also
present in Colombia, Panama, Ecuador, Peru and the Dominican
Republic (through Terpel) and in the southeast United States
(through Mapco). With a robust network of over 3,000 fuel stations
and over 1,200 convenience stores in the continent, the company
also has leading presence in strategic sectors of the industry
including aviation, electric generation, mining, fishing, and
transport, among others. Always focused on customer service and
innovation, Copec is also working to lead the change for a new era
in mobility, energy and convenience, faithful to its promise to
facilitate the life in movement.
Cautionary Statement Regarding Forward-Looking
Statements
This press release, as well as other statements we make, contain
“forward-looking statements” within the meaning of the federal
securities laws, which include any statements that are not
historical facts. Such statements often contain words such as
“expect,” “may,” “can,” “believe,” “predict,” “plan,” “potential,”
“projected,” “projections,” “forecast,” “estimate,” “intend,”
“anticipate,” “ambition,” “goal,” “target,” “think,” “should,”
“could,” “would,” “will,” “hope,” “see,” “likely,” and other
similar words. Forward-looking statements address matters that are,
to varying degrees, uncertain, such as the opportunity for business
growth in South America; the expected benefits of our partnership
with Copec; and expected resulting benefits to businesses,
utilities and energy customers in South America. Such
forward-looking statements are subject to risks, uncertainties, and
other factors that could cause actual results to differ materially
from those expressed or implied by such forward-looking statements.
These forward-looking statements are based upon assumptions and
estimates that, while considered reasonable by Stem and its
management, depend upon inherently uncertain factors and risks that
may cause actual results to differ materially from current
expectations, including our inability to achieve business growth in
South America; our inability to recognize the anticipated benefits
of our partnership with Copec, as well as related expected benefits
to businesses, utilities and energy customers in South America;
risks relating to the development and performance of our energy
storage systems and software-enabled services; the risk that the
global commitment to decarbonization may not materialize as we
predict, or even if it does, that we might not be able to benefit
therefrom; our inability to retain or upgrade current customers,
further penetrate existing markets or expand into new markets; our
inability to secure sufficient inventory from our suppliers to meet
customer demand, and provide us with contracted quantities of
equipment; supply chain failures or interruptions; manufacturing or
delivery delays; disruptions in sales, production, service or other
business activities; our inability to help reduce GHG emissions;
our inability to seamlessly integrate and optimize energy
resources; our inability to attract and retain qualified personnel;
the risk that our business, financial condition and results of
operations may be adversely affected by other political, economic,
business and competitive factors; the effects of competition; and
other risks and uncertainties set forth in the section entitled
“Risk Factors” in the registration statement on Form S-1 filed with
the SEC on July 19, 2021, and our most recent Forms 10-K, 10-Q and
8-K filed with or furnished to the SEC. If one or more of these or
other risks or uncertainties materialize (or the consequences of
any such development changes), or should our underlying assumptions
prove incorrect, actual outcomes may vary materially from those
reflected in our forward-looking statements. Statements in this
press release are made as of the date hereof, and Stem disclaims
any intention or obligation to update publicly or revise such
statements, whether as a result of new information, future events
or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20210915005395/en/
Stem Investor Contacts Ted Durbin, Stem Marc Silverberg,
ICR IR@stem.com
Stem Media Contacts Cory Ziskind, ICR
stemPR@icrinc.com
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